Value pick; gas production ramp up to drive earnings ONGC's Q4FY19 EBITDA at Rs 124bn (+9% YoY) was in-line. However, earnings at Rs40.4 bn (-32% YoY) were impacted by higher exploration write-offs expenses. Oil/gas production at 5.9mmt/6.6 bcm were in-line. OVL earnings at Rs16.8 bn (1.8x YoY) were impacted by Rs15 bn impairment charges. We raise TP to Rs230 (from 225), on roll over to Mar'20 and higher investments value. Valuations seem to be factoring the worst-case...